Why is this Important?
2017 is right around the corner and Accompass has the data available for you to make sense of the market. A total of 86% of businesses we surveyed have not yet finalized their budget. If you are finalizing your budget, the Accompass 2017 Salary Budget Report provides a strategic and systematic approach to helping you determine your budget, starting from examining your organization's priorities, to the actual increase itself. We surveyed executives and employers across the country to identify their top compensation priorities for 2017. Discover top priorities and how they can be implemented into your workplace below.
45% - Said Employee Retention Was Their Top Priority
Employee retention scored at the top of the priority list according to the organizations surveyed. Building a positive work environment and providing a strong compensation package are only a few of the many ways an organization can ensure their employees are satisfied. Preventing turnover is essential in maintaining stability and fostering a long-term employee base. Organizations know the importance of remaining competitive and use their benefits plans, unique environment, office culture, and company values to create a place employees want to remain a part of long-term.
How to Retain Employees:
- Competitive compensation package
- Succession planning
- Positive work environment
- Employee communication
43% - Said They Need to Keep Employees Motivated
Trailing close behind as a top priority is the urge to motivate employees to provide high quality work and perform to their best ability. The performance of individual employees greatly impacts the team efforts and the organization's success. Providing an incentive to employees can maintain a self-motivated work environment without the need for micro-managing. Different forms of management can also encourage individuals to work effectively towards team goals. Retaining employees may be a top priority, but ensuring they produce good work is also highly valued according to this report.
How to Motivate Employees:
- Performance management
- Annual bonus/ incentive
- Absence management
- Strong management
12% - Want to Attract and Recruit New Talent
Building a strong team has always been necessary in the early stages of an organization. According to the report only 12% of organizations surveyed held employee attraction as a top priority. This indicates that most organizations are focusing on attending to their current work force's needs in 2017 and concentrating less on building out their teams with new candidates. The 12% of organizations focusing on growth will mainly be tailoring recruitment and hiring strategies to find the right employees and then transition into the retention and motivation sphere of priorities.
How to Attract New Employees:
- Growth mode
- Hiring strategies
What You Need to Know
Most employers surveyed continue to indicate retention and motivating employees as their top priorities for 2017, suggesting that organizations are recognizing the value of developing and fostering talent from within their current employee base. Companies that are focusing on attracting and recruiting new employees want to ensure that they are managing the risk of a less motivated employee base, and the potential impact on performance and turnover.
For more information on making sense of the market and to assist in finalizing and validating your budget, download the free Accompass 2017 Salary Budget Report for a strategic and systematic approach to helping you determine your budget.